Global Crude Oil Discoveries
| What were the main crude oil and gas discoveries for the year ending 2008?
Global Crude Oil Discoveries for 2008
The year 2008 was marked by record crude oil prices and the US credit crisis turning into a global financial crisis leading to a slowdown in the global economic growth. |
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The price of crude oil as highly volatile in 2008 rising to $147 by mid 2008 and crashing down to less than $ 40 by the end of the year. However, 2008 was also a year of significant oil and gas discoveries.
Some of the discoveries were made in more established regions and basins, while some discoveries also highlighted the potential regions or basins, which can be taken up for future exploration activities.
Seven of the ten largest oil and-gas discoveries worldwide in 2008 occurred in Latin America, reaffirming the region's promising potential for hydrocarbon exploration. But despite its considerable oil and gas deposits, Latin America still faces some of the same challenges that have repelled investors before.
This year's discoveries - five in Brazil, one in Peru and one in Bolivia - and other major finds in recent years, are bringing about a rebirth for the region in the eyes of international oil companies that had curbed investment due to political instability and aging fields.
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